Paying > $300 per month on trading fees.Originally Posted by zylon
That's about to change
23. Responding to anyone who is using a friend's cell phone without talking to the friend. This is a common scam when people steal your phone. They use the outgoing call history to pick a mark, call them and have some story about the friend who needs help (financial).
This happened to a friend who is really smart. But he accepted that his friend was in trouble and he tried to help him out. A variation on #12 but with sufficently different circumstances that it deserves a separate warning.
Buying pure gold (other than for aesthetic purposes), whether it be directly or via ETF's such as GLD.
Not trying to be smart, but can you please provide your logic behind this? Is it because gold doesn't pay any income?
This is pretty general, but I'll include it anyway,
24. Buying into anything that sounds too good to be true, cause it probably is. There are so many people out there looking to make a buck without having to work.
Especially the people that are trying to sell you the deal. Make a few phone calls. Take in some more suckers.
I know some people from Howe Street that made their whole lives appealling to the greed of ignorant people.
25. Not reading "The Wall Street Gang" book by Richard Ney
26. Truly believing that the insurance industry in Canada is here to help you and agreeing to pay unafordable car insurance "premiums" (why the heck they call them like that - it's an award to them not to us :-) )
27. Multi-level marketing companies.
Hmmm, they pay you a commission to recruit new members? Ya, I'm pretty sure you are a pyramid scheme.
To my colleague who invited me to his house for a friendly 'Multi-level marketing company' pitch, "I'm not impressed."
Not sure I get what is wrong with this one? i think also that you might have cause and effect reversed re fees and dividends.
Here is an article from 50Plus on the subject:
Gordon Pape on why scams are successful
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